Buying uk gold from spain

[dbd]

I am a uk National tax resident in Spain. Although relatively new to gold I am unsure whether to buy uk gold or Spanish gold. I recently bought some digigold from royal mint but don!t know  if this was a good idea. My Spanish accountant knows nothing about uk gold so isn’t much help. I would like to buy more uk gold and silver but am thinking maybe would be better sticking to Spanish precious metals..  Does anybody know what the tax implications are in Spain buying uk gold or silver after brexit. Is anybody in this forum in the same situation. 

[ChrisSilver]

Many bullion dealers around the world stock coins and bars from all the other countries, so no need to necessarily buy from a dealer in a different country. Though many dealers do of course ship worldwide also.

I am not sure what dealers there are in Spain but worth checking to see what coins they stock as they likely stock U.K. coins at similar prices to what you can get in the U.K. anyway?

Many people in the U.K. like the Britannia and Sovereign coins as well as other legal tender U.K. gold coins because they are CGT (capital gains tax) free in the U.K. though of course that doesn’t apply in Spain. I am not sure if there are any other similar type of benefits for owning Spanish gold in Spain. 

I believe though may be mistaken that bullion/investment gold imported into the EU is tax free. That’s also the case for importing gold into the U.K. although it is relatively common for customs to make an error, charge import taxes etc, which then need to be claimed back.

You can also look at dealers such as @EuropeanMint and @EuropaBullion who are in Europe. 

[Tn21]

If your in Spain it may be beneficial to get a cheap flight over to the UK and buy your gold and carry it with you back. 

I once bought 100ozs of silver of a guy in Barcelona. Took it in my hand luggage all pretty straight forward.

[modofantasma]

13 hours ago, dbd said:

I am a uk National tax resident in Spain. Although relatively new to gold I am unsure whether to buy uk gold or Spanish gold

Where are you planning to end up at the time you might come to sell gold? 

Depends if you eventually want to end up back in the UK and sell in the UK or whether you plan to stay in Spain forever... Do you have any local coin or bullion shops? Ask them what are their most liquid items perhaps?

Some areas of Spain still use a wealth tax at various rates which could be a consideration depending on your other assets too (impuesto de patrimonio) 

[MBTPSilver]

Gold should still be VAT-free across Europe, not sure on the situation for CGT or a Spanish equivalent unfortunately so that would require a little more research. Once you know if it matters or not, then it's just buy the cheapest premium items as normal. Look around for Spanish/European dealers to keep any postage/customs fees out of the picture.